VEGOILS-Palm oil snaps losing streak on improved demand
* Palm charts first gain in five sessions
* Market also up on retracement after previous declines -
trader
(Updates with closing prices, comments)
By Emily Chow
KUALA LUMPUR, July 16 (Reuters) - Malaysian palm oil futures
snapped four earlier sessions of losses to gain on Monday
evening on the back of improved demand and a market retracement,
according to traders.
The benchmark palm oil contract for October delivery
on the Bursa Malaysia Derivatives Exchange was up 0.7
percent at 2,173 ringgit ($537.87) a tonne at the close of
trade, its strongest daily gain in over two weeks.
Trading volume stood at 48,843 lots of 25 tonnes each at the
close of trade. (1FCPO-TOT)
Palm oil prices fell to a three-year low in the previous
session, tracking weakness in edible oils and falling demand.
However, the low prices have spurred some buying interest,
said a Kuala Lumpur-based futures trader.
"Prices are up likely on bargain-buying, given the recent
low prices," he said, while another trader added that palm is
also up on a market retracement after last week's losses, which
saw palm shed 5.3 percent for the week.
Malaysia palm oil exports fell 2.7 percent in the first half
of July versus the previous month, according to data from
inspection company AmSpec Agri Malaysia on Monday. This compares
with a 14.4 percent decline for the July 1-10 period.
Meanwhile, cargo surveyor Societe Generale de Surveillance
reported a 8.8 percent decline in Malaysian palm oil exports for
the July 1-15 period, versus a 23.1 percent fall in the June
1-10 period.
In other related oils, the Chicago December soybean oil
contract fell 0.9 percent, while the September soybean
oil contract on China's Dalian Commodity Exchange
dropped 0.4 percent.
Meanwhile, the Dalian September palm oil contract
was up 0.7 percent.
Palm oil prices are usually impacted by the performance of
other edible oils as they compete for a share in the global
vegetable oils market.
Palm, soy and crude oil prices at 1103 GMT
Contract Month Last Change Low High Volume
MY PALM OIL AUG8 2153 +19.00 2138 2155 397
MY PALM OIL SEP8 2163 +19.00 2145 2179 11726
MY PALM OIL OCT8 2171 +14.00 2156 2188 17380
CHINA PALM OLEIN SEP8 4646 +30.00 4554 4658 299050
CHINA SOYOIL SEP8 5456 -22.00 5410 5472 242378
CBOT SOY OIL DEC8 28.15 -0.24 28.02 28.41 6456
INDIA PALM OIL JUL8 610.50 -4.60 609.40 616.4 648
INDIA SOYOIL JUL8 741.1 -2.55 740.3 743.25 3420
NYMEX CRUDE AUG8 69.87 -1.14 69.72 70.87 93844
Palm oil prices in Malaysian ringgit per tonne
CBOT soy oil in U.S. cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
India soy oil in Indian rupee per 10 kg
Crude in U.S. dollars per barrel
($1 = 4.0400 ringgit)
($1 = 68.6300 Indian rupees)
($1 = 6.6730 Chinese yuan)
(Reporting by Emily Chow; Editing by Sunil Nair)